Finance - Accounting Seminars
(Semester B- Academic Year 2024-2025)
Date | Lecturer | Affiliation | Topic | |
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25 March Tuesday |
Jessica Wachter | University of Pennsylvania |
Sovereign Default and the Decline in Interest Rates
Sovereign debt yields have declined dramatically over the last half-century. Standard explanations, including aging populations and increases in asset demand from abroad, encounter difficulties when confronted with the full range of evidence. We propose an explanation based on a decline in inflation and default risk, which we argue is more consistent with the long-run nature of the interest-rate decline. We show that a model with investment, inventory storage, and sovereign default captures the decline in interest rates, the stability of equity valuation ratios, and the recent reduction in investment and output growth coinciding with the binding zero lower bound.
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May 20 | David Matsa |
Kellog |
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June 3 | ||||
June 10 | Daniel Cohen | Vanderbilt | ||
June 17 |
Naomi Rothenberg | Alberga |
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